International MBA: Is It Still Viable in 2022?
Pursuing an international MBA from a university of global reputation is always a big decision that requires careful planning and ROI (Return on Investment) analysis. After all, the course fees alone can cost you an average of $1,15,000 per year or more. Additionally, you have to incur the cost of living in a foreign country for 2 years, further straining your budget.
Moreover, the pandemic-induced global economic uncertainties might have raised certain doubts in the minds of MBA aspirants about whether it would still be wise to go abroad for an MBA in 2022.
However, an international MBA is still a good pursuit considering the plethora of benefits it can offer. Let’s find out in detail.
Why International MBA?
MBA is one such professional degree where the reputation and brand of the business school matter a lot. Besides, there are some other important factors as discussed below.
- Better Job Prospects
Pursuing MBA from reputed international b-school increases your chances of getting hired by a top company. This is because the companies that are industry leaders and famous for offering fat pay cheques to students frequently visit such top-rung colleges for their recruitment drive.
- Global Exposure
Pursuing MBA from an internationally renowned B-schools gives you the unique opportunity to socialize with students from different nationalities with diverse socioeconomic and cultural backgrounds. You get to exchange thoughts and different point-of-views on various issues and topics. All this helps you develop a global outlook toward management and leadership in general, which might help you in your career.
- Unique Learning Experience
All reputed business schools continuously upgrade their courses, and faculty members are often some of the stalwarts of the field. Such a dynamic and all-inclusive learning environment can be a thrilling experience.
International MBA programmes provide numerous opportunities to grow your professional network and develop long-lasting connections and friendships that can help you throughout your career. In fact, your school’s alumni network plays a huge role in getting you the job you desire the most after completing your international MBA.
- Entrepreneurship Development
Institutions like Stanford GSB insist on developing the entrepreneurial spirit in their students. It is no surprise then that these citadels of higher education are the breeding ground of new startup ideas.
- Development of Soft Skills
The campus culture in many of these B-schools can provide numerous opportunities to help students work on their soft skills. Debates, group discussions, interacting with fellow students, and many more team building activities can help you polish your soft skills, all of which are important traits of a modern-day manager.
[READ: MBA in India Vs MBA Abroad]
Demand and the Future of MBA Graduates
According to the Corporate Recruiters Survey 2021 by GMAC, most recruiters agree to see a prolonged demand for MBA grads in the coming years due to the continuing shortage of skilled managers.
Furthermore, the temporary dip in the average salary of MBAs during the pandemic is also on the path of recovery to the pre-pandemic levels of $1,15,000.00 or higher, which is 77 per cent more than a bachelor’s degree holders and 53 per cent higher than the direct hirings from the industry.
Top Industries Employing MBA Grads
While skilled managers are required in every industry, some industries are on a higher hiring spree for a while than other ones. For instance, 95 per cent of the consulting sector were projected to recruit from the class of 2021. The technology sector is another big recruiter, with 96 per cent of them projected to recruit MBAs.
Apart from the number of recruitments, the average salary has also witnessed an encouraging trend demonstrated in the table below, showing the industrywise salary comparison of the class of 2020.
|Sr. No.||Industry||Average Salary|
|9||Consumer Packaged Goods||$1,06,719|
|10||Transportation & Logistics Services||$1,06,250|
Source: US News
Top B-schools in 2022
|1||Graduate School of Business||Stanford University||Stanford, CA|
|2||Wharton School||University of Pennsylvania||Philadelphia, PA|
|3||Booth School of Business||University of Chicago||Chicago, IL|
|4||Kellogg School of Management||Northwestern University||Evanston, IL|
|5||Harvard Business School||Harvard University||Boston, MA|
|6||Sloan School of Management||Massachusetts Institute of Technology||Cambridge, MA|
|7||Columbia Business School||Columbia University||New York, NY|
|Haas School of Business||University of California- Berkeley (Haas)||Berkeley, CA|
|9||Yale School of Management||Yale University||New Haven, CT|
|10||Tuck School of Business||Dartmouth College||Hanover, NH|
|Leonard N. Stern School of Business||New York University||New York|
Source: US News
Which MBA – Online MBA Vs Full-time MBA Vs EMBA
Today many reputed business schools offer different types of MBA courses to cater to different classes of students. You should know the difference before deciding which one can be best for you.
|Sr. No.||Parameters||Online MBA||Full-Time MBA||EMBA|
|1.||Course Delivery||Flexible online classes||Physical lectures in schools during the working days.|
|2.||Duration||16- 20 months||24 months||24 months|
|3.||Preferred Work Experience||2-3 years||3- 5 years||10-15 years|
|4.||Admission with no work experience||Not Allowed||Possible||Not Allowed|
|5.||Course Cost||Lowest||Relatively higher than online MBA but lower than EMBA||Highest|
|6.||Test Score||Valid GMAT/GRE scores are required.||GMAT/GRE scores are not required.|
|7.||Employers Sponsorship||Not Required||Required|
An international MBA can unlock your resume’s real value, paving the way for a potentially brighter tomorrow. As far as the timing is concerned, the time is always right for the brave ones irrespective of the often short-lived circumstances. Remember, global circumstances can and do change every year, but your international MBA degree will forever shine bright on your resume.
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